The third biggest event in the world, Expo 2020, will be hosted by Dubai next year. As the eagerness for the most awaited exposition keeps increasing, let’s find out how Dubai’s real-estate industry will be impacted by it.
The previous world expos showcased some of the greatest inventions of all times, for example it showcased the Telegraph in 1851, a typewriter in 1876 and a colour television in 1964. A lot was expected from the upcoming Expo when Dubai won the bid to host it with their pioneering theme “Connecting Minds, Creating The Future.’
Mohammed Bin Rashid City: A Civic Design Masterpiece
As the pressure to exhibit a pioneering creation in the expo built up, Sheikh Mohamed bin Rashid, Vice President and Ruler of Dubai, announced the development of futuristic city which he termed as “a new city within Dubai.” Seeds of Mohammed bin Rashid City were sown and that marked the development of innovative residences.
The MBR city is said to house the world’s largest shopping mall and swimming pool. Allured by the architectural splendour, builders, investors and realtors from across the globe have started making investments in the mega city. Some of them are developing their own ventures as a part of Dubai Expo 2020 projects.
1. The Effect Of Dubai Expo 2020 On UAE Economy
According to consultancy EY.Dubai, Expo is expected to contribute AED 122 billion to UAE economy. This impact is equivalent to 1.5% of UAE’s GDP.
Additionally, it is also projected that the Expo will support around 49,700 jobs per annum. That is quite a substantial impact on an economy that had been struggling with instability for long.
2. Increasing Demand For Rented Apartments
25 million visitors are expected to congregate in Dubai for this upcoming event. 71% visitors of them will be non-natives. This massive congregation of foreign visitors will not only create an upsurge in the tourism of the city, it is also expected to rouse greater demand for Dubai’s rented apartments.
This will be an exciting time for landowners and investors who are on the lookout for a strong market for their long- vacant properties.
3. Supply And Demand In Real Estate Market On A Rise
As the expo boosts the economy by creating more jobs across industries, the inflow of expats will be multiplied, generating greater demands for homes. It is also being projected that the Dubai property prices after the expo 2020 will go up considerably.
Our Final Thoughts
The World Expo 2020 is expected to have a positive and a far-reaching impact on Dubai’s real-estate market. Investments from foreign players in the industry are being largely projected. During the expo and even after it, Dubai will continue to witness the development of high-end residential projects. However, the biggest impact of the World Expo 2020 will be the sustainability in the architecture of newer projects. To conclude, Dubai is all set to experience a wave of technological, infrastructural, scientific and socio-economic development that will engulf the Emirate in 2020. So, behold investors, new buyers and realtors, the one-of-its kind opportunity to experience the architectural marvel is just around the corner.